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4211 Elmwood Court Riverside, CA 92506

3 Beds 2 Baths 1,305 sqft Built 1920

$450,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1920
  • Price/Sqft : $344.83
  • 4 Days on Market
  • MLS # : IV20250562
  • Updated Date : 12/03/2020 at 19:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,305 sqft
  • Baths : 2 full
Listing Agent

Devlin Realty

Listing Agent's Description

Welcome to the historical and highly desirable wood streets of Riverside. Rare two bedroom one bath home with permitted one bedroom, one bath cottage and separate garage all on one property: perfect for home office, guest quarters, rental income opportunity, or separate family member cottage. The main/front house features two bedrooms and one bathroom, sitting porch, living room kitchen with breakfast nook, and shared 4 piece bathroom; The back house features an open living room/dining area and kitchen, private spacious bedroom with dual closets and three piece bathroom with shower. The garage features a workbench and storage cabinets, as well as space for parking. Dual covered carports and dual backyard spaces make this property perfect for play, entertainment, gardening and more. Featuring original charm as well as some desired modern upgrades. The front home also features a basement, and indoor laundry/mudroom. The back house features its own separate laundry area. Meticulously loved and cared for; new AC, new roof on front house and garage, hitting the market for the first time in over 40 years!

SEE MORE

MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Brockton Place

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $111k484k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Brockton Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800190020002100Rent in $7882101

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Magnolia Elementary School Primary Regular 704 26 6
Magnolia Elementary School Middle Regular 704 26 6
Poly High School High Regular 2,777 106 6

Magnolia Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 26
6
GreatSchools Rating

Magnolia Elementary School

  • Education Level: Middle
  • # of students: 704
  • # of teachers: 26
6
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,660
Property Tax -$438
Property Insurance -$59
Property Management Fees -$99
CASH FLOW
-$607

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$450,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$236

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,650

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $1,758

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7503$1,8504$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 4211 Elmwood Court Riverside, CA 1
    • 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1920
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.26
    •  
  • 6658 Palm Avenue Riverside, CA 2
    • 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.42
    •  
  • 3294 Brockton Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.27
    •  
  • 4327 Jurupa Avenue Riverside, CA 4
    • 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.45
    •  
  • 6375 Stearns Street Riverside, CA 5
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.25
    •  
PROPERTY LISTING DETAILS
Nathaniel Devlin
Devlin Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20250562
Last Updated: 12/03/2020
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